Bombay HC grants interim bail to Videocon's Venugopal Dhoot

MUMBAI: The Bombay High Court on Friday granted interim bail to Videocon Chairman Venugopal Dhoot who was arrested by the Central Bureau of Investigation (CBI) in the ICICI bank fraud case.

A division bench of justices Revati Mohite Dere and P.K. Chavan directed Mr Dhoot to be released on a bail bond of ₹1 lakh. His other bail conditions are like the co-accused Chanda and Deepak Kochhar granted bail by High Court on January 9 this year.

The bench was hearing Mr Dhoot’s plea seeking immediate release in the case. On January 9, the same bench had directed the release of co-accused ICICI bank’s former chief executive officer and managing director Chanda and her husband Deepak Kochhar from jail.

He was arrested on December 26, 2022, and sent to judicial custody after three days with the Kochhars.

He has urged the court to quash the First Information Report (FIR) against him as he has been co-operating with the central agency.

Mr Dhoot contends, “His arrest is arbitrary, illegal, done without following due procedure of law and in gross violation of section 41 (A) of the Code of Criminal Procedure, which mandates for a notice to be issued to accused to join the probe and to make an arrest only if absolutely necessary”.

However, CBI had argued Mr Dhoot’s replies have been very evasive and therefore he must not be released.

The CBI has alleged that ICICI bank under the leadership of Ms Kochhar sanctioned a credit of ₹3,250 crore to companies owned by the Videocon Group which are in direct violation to The Banking Regulation Act, guidelines by the Reserve Bank of India and the credit policies of banks.